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Projeto Eólica v2 projecao df

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Eduardo Nerd

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Situação 1
	D/(D+E)	80.0%	E/(D+E)	20.0%
	rd	6.0%	rf	5.5%
	t	beta des	0.510
	rd*(1-t)	6.0%	beta alav	2.550
	pm	5.8%
	re	20.3%
	WACC	8.9%
	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5	Ano 6	Ano 7	Ano 8	Ano 9	Ano 10	Ano 11	Ano 12	Ano 13	Ano 14	Ano 15	Ano 16	Ano 17	Ano 18	Ano 19	Ano 20
	R. Oper	0.0	0.0	0.0	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7
	(-) Desp Financ	0.0	0.0	(3,240.0)	(3,434.4)	(3,262.7)	(3,091.0)	(2,919.2)	(2,747.5)	(2,575.8)	(2,404.1)	(2,232.4)	(2,060.6)	(1,888.9)	(1,717.2)	(1,545.5)	(1,373.8)	(1,202.0)	(1,030.3)	(858.6)	(686.9)	(515.2)
	(=) LAIR	0.0	0.0	(3,240.0)	11,684.3	11,856.0	12,027.7	12,199.4	12,371.2	12,542.9	12,714.6	12,886.3	13,058.0	13,229.8	13,401.5	13,573.2	13,744.9	13,916.6	14,088.4	14,260.1	14,431.8	14,603.5
	(-) IR	0.0	0.0	0.0	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)
	(=) LL	0.0	0.0	(3,240.0)	10,976.0	11,147.8	11,319.5	11,491.2	11,662.9	11,834.6	12,006.4	12,178.1	12,349.8	12,521.5	12,693.2	12,865.0	13,036.7	13,208.4	13,380.1	13,551.8	13,723.6	13,895.3
	CGL	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Ativo Fixo Bruto	20,250.0	67,500.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0	70,740.0
	(-) Deprec Acumulada	0.0	0.0	0.0	(3,537.0)	(7,074.0)	(10,611.0)	(14,148.0)	(17,685.0)	(21,222.0)	(24,759.0)	(28,296.0)	(31,833.0)	(35,370.0)	(38,907.0)	(42,444.0)	(45,981.0)	(49,518.0)	(53,055.0)	(56,592.0)	(60,129.0)	(63,666.0)
	Dívida	0.0	54,000.0	57,240.0	54,378.0	51,516.0	48,654.0	45,792.0	42,930.0	40,068.0	37,206.0	34,344.0	31,482.0	28,620.0	25,758.0	22,896.0	20,034.0	17,172.0	14,310.0	11,448.0	8,586.0	5,724.0
	PL	20,250.0	13,500.0	13,500.0	12,825.0	12,150.0	11,475.0	10,800.0	10,125.0	9,450.0	8,775.0	8,100.0	7,425.0	6,750.0	6,075.0	5,400.0	4,725.0	4,050.0	3,375.0	2,700.0	2,025.0	1,350.0
	Inv Líquido	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5	Ano 6	Ano 7	Ano 8	Ano 9	Ano 10	Ano 11	Ano 12	Ano 13	Ano 14	Ano 15	Ano 16	Ano 17	Ano 18	Ano 19	Ano 20
	Deprec	0.0	0.0	0.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0
	CAPEX	20,250.0	47,250.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Inv CGL	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Cresc Real	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	ROIC
	FCFF
	R Operac	0.0	0.0	0.0	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7
	(-) IR Operac	0.0	0.0	0.0	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)
	(+) Deprec	0.0	0.0	0.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0
	(-) CAEPX (Não sei)	(20,250.0)	(47,250.0)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(-) Inv CGL	0.0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	(=) Flx de Caixa	(20,250.0)	(47,250.0)	0.0	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4
	(+) Perp
	(=) Flx de Caixa c/ perp	(20,250.0)	(47,250.0)	0.0	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4
	Firm Value	93,235.6
	(-) Dívida Líquida	0.0
	(=) Equity Value	72,985.6
	Firm Value - Ano a Ano	90,467.8	145,731.4	158,640.3	154,745.2	150,505.1	145,889.4	140,864.9	135,395.3	129,441.1	122,959.6	115,903.9	108,223.3	99,862.2	90,760.6	80,852.7	70,067.2	58,326.4	45,545.5	31,632.5	16,487.0	0.0
	D/(D+E)	0.0%	37.1%	36.1%	35.1%	34.2%	33.3%	32.5%	31.7%	31.0%	30.3%	29.6%	29.1%	28.7%	28.4%	28.3%	28.6%	29.4%	31.4%	36.2%	52.1%	ERROR:#DIV/0!
	beta Desalavancado	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%	51.0%
	beta alavancado	0.510	0.810	0.798	0.786	0.775	0.765	0.756	0.747	0.739	0.731	0.725	0.719	0.715	0.712	0.711	0.714	0.723	0.744	0.799	1.064	ERROR:#DIV/0!
	re	8.5%	10.2%	10.1%	10.1%	10.0%	9.9%	9.9%	9.8%	9.8%	9.7%	9.7%	9.7%	9.6%	9.6%	9.6%	9.6%	9.7%	9.8%	10.1%	11.7%	ERROR:#DIV/0!
	wacc	8.5%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.6%	8.7%	ERROR:#DIV/0!
	Firm Value - Ano a Ano	93,235.6	148,371.5	161,195.6	157,172.9	152,795.3	148,032.8	142,852.8	137,220.1	131,096.2	124,439.8	117,205.8	109,345.2	100,805.3	91,528.4	81,452.3	70,509.4	58,626.5	45,724.0	31,715.7	16,508.2	0.0
	FCFE
	Lucro Líquido	0.0	0.0	(3,240.0)	10,976.0	11,147.8	11,319.5	11,491.2	11,662.9	11,834.6	12,006.4	12,178.1	12,349.8	12,521.5	12,693.2	12,865.0	13,036.7	13,208.4	13,380.1	13,551.8	13,723.6	13,895.3
	(+) Deprec	0.0	0.0	0.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0
	(-) CAEPX	(20,250.0)	(47,250.0)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(-) Inv CGL	0.0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	(-) Variação Endividamento	54,000.0	3,240.0	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)	(2,862.0)
	(=) Flx de Caixa	(20,250.0)	6,750.0	0.0	11,651.0	11,822.8	11,994.5	12,166.2	12,337.9	12,509.6	12,681.4	12,853.1	13,024.8	13,196.5	13,368.2	13,540.0	13,711.7	13,883.4	14,055.1	14,226.8	14,398.6	14,570.3
	(=) Flx de Caixa c/ perp	(20,250.0)	6,750.0	0.0	11,651.0	11,822.8	11,994.5	12,166.2	12,337.9	12,509.6	12,681.4	12,853.1	13,024.8	13,196.5	13,368.2	13,540.0	13,711.7	13,883.4	14,055.1	14,226.8	14,398.6	14,570.3
	Equity Value	93,928.7	Error
	(+) Dívida Líquida	0.0
	(=) Firm Value	93,928.7	Error
	Equity Value - Ano a Ano	93,928.7	95,123.2	104,825.1	103,790.5	102,409.7	100,653.6	98,490.4	95,886.1	92,803.3	89,202.0	85,038.4	80,265.4	74,831.7	68,682.0	61,756.2	53,989.5	45,312.0	35,648.6	24,920.1	13,047.3	0.0
Premissas
	Custo de Capital Próprio
	taxa livre de risco	5.50%
	prêmio de mercado	5.80%
	beta desalav	0.510
	Características
	Capacidade	15	MW Médio
	Fornecimento anual	131,400	MW/h
	Preço Teto	175	MW/h
	Deságio	0.00%
	Entrada em Operação	Jan-20
	Prazo Operação	20	anos
	Premissas Construção
	CAPEX MW	4,500.0	R$ mil
	Depreciação	linear sem valor residual
	Prazo	2	anos
	Início	Jan-18
	Fim	Jan-20
	Desembolso	30%	1o ano (início do ano)
	70%	2o ano (início do ano)
	Premissas Operacionais
	O&M	2,000.0	R$ mil / ano
	Desp Operac	1,500.0	R$ mil / ano
	Premissas Fiscais
	Regime Fiscal	lucro presumido
	PIS e COFINS	3.65%	sobre receita bruta
	Tributo sobre renda	2.00%	IR sobre receita bruta
	1.08%	CS sobre receita bruta
	Premissas Financiamento
	BNDES
	Juros	6%	Obs.: só financia desde o início / não permite outro credor
	Início	31-Dec-18
	Carência Juros	1	ano
	Carência Principal	1	ano
	Vencimento	21	anos
	Tabela	SAC
	Juros	Anual
	Principal	Anual
	Valor	80%	Capex
	Covenant	1.200	(EBITDA-Tributo sobre renda)/(Amort + Juros)
	Premissa Remuneração
	Rendimento	5.50%
DF
	DRE [R$ Mil]	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22
	Receita Bruta	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0	22,995.0
	(-) Impostos Indiretos	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)	(839.3)
	(=) Receita Líquida	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7	22,155.7
	(-) O&M	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)	(2,000.0)
	(-) Desp Oper	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)	(1,500.0)
	(=) EBITDA	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7	18,655.7
	(-) Deprec AF	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)	(3,375.0)
	(-) Deprec Desp PO	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)
	(=) Result Oper	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7	15,118.7
	(-) Desp Financ	0.0	(3,240.0)	(3,434.4)	(3,262.7)	(3,091.0)	(2,919.2)	(2,747.5)	(2,575.8)	(2,404.1)	(2,232.4)	(2,060.6)	(1,888.9)	(1,717.2)	(1,545.5)	(1,373.8)	(1,202.0)	(1,030.3)	(858.6)	(686.9)	(515.2)	(343.4)	(171.7)
	(+) Rec Financ	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(=) LAIR	0.0	0.0	(3,240.0)	11,684.3	11,856.0	12,027.7	12,199.4	12,371.2	12,542.9	12,714.6	12,886.3	13,058.0	13,229.8	13,401.5	13,573.2	13,744.9	13,916.6	14,088.4	14,260.1	14,431.8	14,603.5	14,775.2	14,947.0
	(-) IR	0.0	0.0	0.0	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)	(708.2)
	(=) Lucro Líquido	0.0	0.0	(3,240.0)	10,976.0	11,147.8	11,319.5	11,491.2	11,662.9	11,834.6	12,006.4	12,178.1	12,349.8	12,521.5	12,693.2	12,865.0	13,036.7	13,208.4	13,380.1	13,551.8	13,723.6	13,895.3	14,067.0	14,238.7
	Balanço [R$ Mil]	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22
	Caixa	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Ativo Fixo Bruto	20,250.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0	67,500.0
	(-) Deprec Acum	(3,375.0)	(6,750.0)	(10,125.0)	(13,500.0)	(16,875.0)	(20,250.0)	(23,625.0)	(27,000.0)	(30,375.0)	(33,750.0)	(37,125.0)	(40,500.0)	(43,875.0)	(47,250.0)	(50,625.0)	(54,000.0)	(57,375.0)	(60,750.0)	(64,125.0)	(67,500.0)
	Desp Pré-oper Ativada	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0	3,240.0
	(-) Deprec Acum	(162.0)	(324.0)	(486.0)	(648.0)	(810.0)	(972.0)	(1,134.0)	(1,296.0)	(1,458.0)	(1,620.0)	(1,782.0)	(1,944.0)	(2,106.0)	(2,268.0)	(2,430.0)	(2,592.0)	(2,754.0)	(2,916.0)	(3,078.0)	(3,240.0)
	(=) Total de Ativos	20,250.0	67,500.0	70,740.0	67,203.0	63,666.0	60,129.0	56,592.0	53,055.0	49,518.0	45,981.0	42,444.0	38,907.0	35,370.0	31,833.0	28,296.0	24,759.0	21,222.0	17,685.0	14,148.0	10,611.0	7,074.0	3,537.0	0.0
	Emp & Financ - BNDES	54,000.0	54,000.0	51,300.0	48,600.0	45,900.0	43,200.0	40,500.0	37,800.0	35,100.0	32,400.0	29,700.0	27,000.0	24,300.0	21,600.0	18,900.0	16,200.0	13,500.0	10,800.0	8,100.0	5,400.0	2,700.0	0.0
	Emp & Financ - BNDES (Jr Capitalizado)	3,240.0	3,078.0	2,916.0	2,754.0	2,592.0	2,430.0	2,268.0	2,106.0	1,944.0	1,782.0	1,620.0	1,458.0	1,296.0	1,134.0	972.0	810.0	648.0	486.0	324.0	162.0	0.0
	Capital Social	20,250.0	13,500.0	13,500.0	12,825.0	12,150.0	11,475.0	10,800.0	10,125.0	9,450.0	8,775.0	8,100.0	7,425.0	6,750.0	6,075.0	5,400.0	4,725.0	4,050.0	3,375.0	2,700.0	2,025.0	1,350.0	675.0	(0.0)
	Lucro Retido	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(=) Total de Passivo e PL	20,250.0	67,500.0	70,740.0	67,203.0	63,666.0	60,129.0	56,592.0	53,055.0	49,518.0	45,981.0	42,444.0	38,907.0	35,370.0	31,833.0	28,296.0	24,759.0	21,222.0	17,685.0	14,148.0	10,611.0	7,074.0	3,537.0	(0.0)
	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-
	Caixa [R$ Mil]	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22
	Lucro Líquido	10,976.0	11,147.8	11,319.5	11,491.2	11,662.9	11,834.6	12,006.4	12,178.1	12,349.8	12,521.5	12,693.2	12,865.0	13,036.7	13,208.4	13,380.1	13,551.8	13,723.6	13,895.3	14,067.0	14,238.7
	(+) Deprec	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0	3,537.0
	(=) Caixa do Período	14,513.0	14,684.8	14,856.5	15,028.2	15,199.9	15,371.6	15,543.4	15,715.1	15,886.8	16,058.5	16,230.2	16,402.0	16,573.7	16,745.4	16,917.1	17,088.8	17,260.6	17,432.3	17,604.0	17,775.7
	(+) Caixa Inicial	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(=) Caixa Disponível	14,513.0	14,684.8	14,856.5	15,028.2	15,199.9	15,371.6	15,543.4	15,715.1	15,886.8	16,058.5	16,230.2	16,402.0	16,573.7	16,745.4	16,917.1	17,088.8	17,260.6	17,432.3	17,604.0	17,775.7
	(-) Amortização Dívida
	BNDES	0.0	0.0	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)	(2,700.0)
	BNDES (Jr Capitalizado)	0.0	0.0	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)	(162.0)
	(+) Novas Captações
	BNDES	54,000.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	BNDES (Jr Capitalizado)	0.0	3,240.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(=) Caixa Disponível para Distr	11,651.0	11,822.8	11,994.5	12,166.2	12,337.9	12,509.6	12,681.4	12,853.1	13,024.8	13,196.5	13,368.2	13,540.0	13,711.7	13,883.4	14,055.1	14,226.8	14,398.6	14,570.3	14,742.0	14,913.7
	Distr Dividendos	10,976.0	11,147.8	11,319.5	11,491.2	11,662.9	11,834.6	12,006.4	12,178.1	12,349.8	12,521.5	12,693.2	12,865.0	13,036.7	13,208.4	13,380.1	13,551.8	13,723.6	13,895.3	14,067.0	14,238.7
	Redução de Capital	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0	675.0
	Capitalização de Equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(=) Caixa Final	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Covenant [R$ Mil]	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22
	EBITDA - Tributo s/ Renda	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4	17,947.4
	Amort Liq + Juros	6,296.4	6,124.7	5,953.0	5,781.2	5,609.5	5,437.8	5,266.1	5,094.4	4,922.6	4,750.9	4,579.2	4,407.5	4,235.8	4,064.0	3,892.3	3,720.6	3,548.9	3,377.2	3,205.4	3,033.7
	Covenant	2.9	2.9	3.0	3.1	3.2	3.3	3.4	3.5	3.6	3.8
3.9	4.1	4.2	4.4	4.6	4.8	5.1	5.3	5.6	5.9
	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-	[=0]-

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